Scarborough Consumer Proposals with a Licensed Insolvency Trustee

people in consultation reviewing a consumer proposal in Scarborough

Residents may consider getting  Scarborough consumer proposals through a Licensed Insolvency Trustee as a means to solve their debt relief. The Bankruptcy & Insolvency Act offers two solutions, one is personal bankruptcy and the other alternative is a proposal.

What is a Consumer Proposal?
A consumer proposal in Ontario is an arrangement negotiated with creditors through a Licensed Insolvency Trustee and approved by the court. A proposal is a legally binding agreement which puts in place immediate protection from creditors and debt collection agencies.

It is a repayment plan based on your (the debtor) financial means. This may be a total of the entire amount owed to creditors or only a portion of the amount owed. Repayment could be in one lump sum or paid out over regular monthly installments.

Applying for a proposal is not a guarantee as all proposals must be agreed to by the creditors and approved by the court.

Some of these protections from creditors are:

  • Wage Garnishments Cease Immediately
  • Interest Stops Accumulating
  • Creditors and Collection Agencies Stop Calling You

Benefits of A Consumer Proposal
Assets such as your house are not at risk and are not part of the consumer proposal. Once your proposal is accepted, your payments will not increase even if your income increases. You will never owe more than the agreed to amount. The negative effect on your credit score is less than a personal bankruptcy.

There are many benefits to you and to your creditors in choosing a consumer proposal versus declaring personal bankruptcy.

We offer FREE consultations and a call to our office could be the most stress relieving call you’ll ever make.

At Richard Killen & Associates, our Licensed Insolvency Trustee in bankruptcy will review all the alternatives available to you and give you the advice you require to help you choose the best solution to reduce your financial troubles.

Call us and book a FREE consultation at (416) 285-9511. Our offices are at 2130 Lawrence Avenue East, Suite 402, Scarborough, Ontario, M1R 3A6. There is free parking and we are easily accessible via TTC.

Remember, this could be the most stress relieving call you’ll ever make.

For more information on Scarborough consumer proposals  and how a Licensed Insolvency Trustee can help relief financial stress, please call our Scarborough office today at (416) 285-9511 to get the relief you’ve been looking for!

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    About Richard Killen & Associates


    Since 1992, Richard Killen & Associates, a Licensed Insolvency Trustee, have helped thousands of people resolve their financial problems. With 25 years experience in this industry, our president, Richard Killen, and the rest of our team understand the difficulties that honest people can sometimes find themselves in. This expertise makes it possible to provide you with a service that effectively deals with the issues.


    Serving the GTA for 25 years